Why You May Never Make Money as a Trader

Video: Market coach Doug Hirschhorn, PhD, discusses the six reasons some traders will never make money.

While there are a lot of traders out there, many of them don’t make any money. Well, it’s time for a wake-up call folks. Here are six reasons why you do not — and may not ever — make money as a trader:

1. You don’t put in the proper amount of effort. You don’t put in the full-time commitment it requires to be profitable in trading because you treat it like a hobby. Trading is not a part-time job. It’s serious business.2. Failure to be disciplined and consistent with your process. There’s no excuse for this. It’s all up to you.3. Trading like a gambler instead of a trader. You’re taking irresponsible risks rather than thinking in terms of probabilities and trading when you have an edge.4. Actually putting on trades without a solid game plan. What are you thinking? You must know your game plan and execute it.5. You over think things. Trading is a simple game — up, down, sideways. Keep it simple and make money.6. Not trusting yourself to do what you know you need to do. You spend too much time listening to other people. Trust yourself and execute what you know.
The good news: every one of these things is entirely in your control. All you have to do is choose to make things happen.